HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

China Healthcare Weekly (Sep.7)- Device Inflection Point, WuXi XDC Placement, MIXUE’s Lock-Up Expiry

China Healthcare Weekly (Sep.14) - Trump to Put Restrictions on Chinese Drugs, Sihuan Is Undervalued

China Healthcare Weekly(Sep.21)-HK Biotechs Are Overvalued, Duality, Story Behind "Crazy" TransThera

China Healthcare Weekly (Aug.24)-JD Health 25H1 Results, Hansoh Placement, Ascletis Pharma Placement

Shanghai Henlius Biotech (2696 HK) - Thoughts on the Valuation Outlook

Zylox-Tonbridge Medical Technology (2190.HK) - A Good Alpha-Generating Opportunity for Investors

Wuxi Biologics (2269 HK) 25H1 - Concerns Behind the Performance Rebound

Equity Bottom-Up

Zylox-Tonbridge Medical Technology / Equity Bottom-Up

Zylox-Tonbridge Medical Technology (2190 HK)

<ul>
<li>We strongly disagree with the valuation method of "P/R". which is calculated by dividing market value by R&amp;D expenses. It is still necessary to view the valuation system rationally.</li>
<li>Innovent surprisingly turned loss into profits for the first time in 25H1. Considering the future contribution of mazdutide and IBI363, valuation of Innovent may reach above RMB200 billion.</li>
<li>The logic of Zylox is import substitution. Based on strong fundamentals, if liquidity remains strong, reasonable P/E is 40-45x. Target share price is HK$25-29/share based on 2025 net profit.</li>
</ul>


We strongly disagree with the valuation method of "P/R". which is calculated by dividing market value by R&amp;D expenses. It is still necessary to view the valuation system rationally.
Innovent surprisingly turned loss into profits for the first time in 25H1. Considering the future contribution of mazdutide and IBI363, valuation of Innovent may reach above RMB200 billion.
The logic of Zylox is import substitution. Based on strong fundamentals, if liquidity remains strong, reasonable P/E is 40-45x. Target share price is HK$25-29/share based on 2025 net profit.


中国ヘルスケアウィークリー（8月31日） - P/Rは意味がない、イノベント、ザイロックス・トンブリッジの25H1決算